CVXChevron Corporation
Is the business good?
The checks split: earnings fully cash-backed (2.2×), but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 8% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CVX?
Chevron Corporation earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 2.1 points above what the capital costs: growth creates value
- Operating margin
- 14%
Operating margin · Oil & Gas Integrated median 13% · 12 months to Q2 2026
- Cash conversion
- 2.16×
Cash conversion · 2.33× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +15%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −7.9% |
| FY2021 | 13% |
| FY2022 | 20% |
| FY2023 | 15% |
| FY2024 | 14% |
| FY2025 | 10% |
Details›
- Gross margin12 months to Q2 2026
- 45%
- Operating margin12 months to Q2 2026
- 14%
- Net margin12 months to Q2 2026
- 9.6%
- Free cash flow margin
- 13%
- Revenue, trailing twelve months
- $215.3B
- Free cash flow, trailing twelve months
- $27.0B
- Net income, trailing twelve months
- $20.6B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Integrated
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